360Lease surrendered or terminated

360 Lease surrendered or terminated (a) a lease is surrendered or terminated; and (b) the lessee has fully complied with any provisions of the lease relating to the construction of a building on the land described in the lease; and of the lessee to payment in relation to improvements on the land. (2) Section 358 and section 359 apply in relation to the lease (so far as applicable) as if the term of the lease had expired on the day the lease was surrendered or terminated. (3) However, the amount worked out under subsection (4) must be deducted from any amount payable under section 358 to the lessee of the surrendered or terminated lease.

Leases—improvements Part 10.9 (4) The territory planning authority may work out the amount of the expenditure reasonably incurred by the Territory, the authority or both, in relation to the surrender or termination of the lease.